Linklaters corporate partner Peter King led a team which advised Cayman Islands company XL Capital on the English law aspects of its merger, valued at US$1.2bn (u750m), with NAC Re Corporation, a corporation in Delaware.
The two companies provide insurance and reinsurance coverages and financial products worldwide, with business in the Lloyd's insurance market.
The merged group will operate as XL Capital. In terms of capital, it will have the world's largest broker market reinsurance activities.
Simpson Thacher & Bartlett advised XL Capital and Cadwalader Wickersham & Taft advised NAC Re Corporation in the US.
King joined Linklaters in 1981 and has been a partner at the firm since 1990. He says: “This deal is yet another example of the extent to which the insurance market is consolidating on a global basis and of the need for multi-jurisdictional legal skills in transactions of this kind.”
King was assisted by Maria Coombe. Partner Eamonn Doran advised on competition aspects.